Save Money by Kicking Bad Spending Habits
Here are some common ways that consumers unnecessarily spend money. See if you fall somewhere on the list, and try to find ways to break the habit.
•Impulse Buys: You see something you want, so you buy it on the spot. This is a good way to waste money. Take a day or two to think about it before buying. Shop around for a better price, see if it fits your budget, and decide if you really need the item.
•ATM Fees: You can’t find an ATM in your bank’s network, so you pay a few bucks to use one that’s more convenient. Make this a habit and those fees add up. Plan to find one of your ATMs earlier and take out enough cash for the day. You could also use the cash-back option at a grocery store. You can buy a pack of gum for 89 cents and take out as much cash as you need without fees.
•Buying New, Not Used: It’s a fact that cars lose most of their value in the first few years of ownership. Buy a car from the previous model year and save a trunk-load of money. You can apply this method to any number of items. Books, toys, furniture, sporting equipment, musical instruments, and many more. Check the want ads and websites like amazon.com, Craigslist.org, and eBay.com.
•Wasting Electricity: Obviously, you should be turning off lights and appliances when they’re not in use. Appliances with clocks, standby lights, or remote controls, however, can still draw power while turned off. For these, you can either pull the plug or plug them into a power strip with an on/off switch.
•Buying Unnecessary Items On Sale: You don’t need it, but you buy it because it’s on sale. If you don’t need it, then the price shouldn’t matter. Don’t buy something that’s on sale if you wouldn’t buy it ordinarily. Just keep that money in your pocket and wait for something that you actually need to go on sale.
•Unnecessary Services: Premium cable channels, gym memberships, fancy cell phone features… if you’re not getting your money’s worth for these services, then it’s a waste. Do you use what you’re paying for? Figure out what you need and don’t pay for anything more.
•Bottled Water: This trend is dying quickly. There’s no need to pay for 20 oz. of water in a disposable bottle when you can fill up a reusable one at home, or at any faucet for that matter.
•Dining Out Often: Do you buy coffee everyday? What about lunch? Do you know how much you could save by preparing food at home? Do the math. A homemade lunch almost always costs less than one purchased at a restaurant.
•Unhealthy Habits: Cigarettes, junk food, and alcohol can put big dents in your budget. Not to mention the high costs of medical bills later on. It’s bad for you physically and financially. Your health is obviously the most important thing, but saving money can be a good motivator.
If you’re serious about saving money, then these are just a few simple ideas to keep in mind when making decisions about your budget and your spending habits. Think of other ways that you might be wasting money, and work towards reducing that behavior.
About the Author:
Tags: craigslist org, money in your pocket, gym memberships, unnecessary services, cell phone features •Impulse Buys: You see something you want, so you buy it on the spot. This is a good way to waste money. Take a day or two to think about it before buying. Shop around for a better price, see if it fits your budget, and decide if you really need the item.
•ATM Fees: You can’t find an ATM in your bank’s network, so you pay a few bucks to use one that’s more convenient. Make this a habit and those fees add up. Plan to find one of your ATMs earlier and take out enough cash for the day. You could also use the cash-back option at a grocery store. You can buy a pack of gum for 89 cents and take out as much cash as you need without fees.
•Buying New, Not Used: It’s a fact that cars lose most of their value in the first few years of ownership. Buy a car from the previous model year and save a trunk-load of money. You can apply this method to any number of items. Books, toys, furniture, sporting equipment, musical instruments, and many more. Check the want ads and websites like amazon.com, Craigslist.org, and eBay.com.
•Wasting Electricity: Obviously, you should be turning off lights and appliances when they’re not in use. Appliances with clocks, standby lights, or remote controls, however, can still draw power while turned off. For these, you can either pull the plug or plug them into a power strip with an on/off switch.
•Buying Unnecessary Items On Sale: You don’t need it, but you buy it because it’s on sale. If you don’t need it, then the price shouldn’t matter. Don’t buy something that’s on sale if you wouldn’t buy it ordinarily. Just keep that money in your pocket and wait for something that you actually need to go on sale.
•Unnecessary Services: Premium cable channels, gym memberships, fancy cell phone features… if you’re not getting your money’s worth for these services, then it’s a waste. Do you use what you’re paying for? Figure out what you need and don’t pay for anything more.
•Bottled Water: This trend is dying quickly. There’s no need to pay for 20 oz. of water in a disposable bottle when you can fill up a reusable one at home, or at any faucet for that matter.
•Dining Out Often: Do you buy coffee everyday? What about lunch? Do you know how much you could save by preparing food at home? Do the math. A homemade lunch almost always costs less than one purchased at a restaurant.
•Unhealthy Habits: Cigarettes, junk food, and alcohol can put big dents in your budget. Not to mention the high costs of medical bills later on. It’s bad for you physically and financially. Your health is obviously the most important thing, but saving money can be a good motivator.
If you’re serious about saving money, then these are just a few simple ideas to keep in mind when making decisions about your budget and your spending habits. Think of other ways that you might be wasting money, and work towards reducing that behavior.
About the Author:
ABOUT ACCC: American Consumer Credit Counseling (ACCC) is a non-profit 501 (c) (3) organization dedicated to empowering consumers to regain control of their lives through education, counseling and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. For more information or to access free financial education resources log on to http://www.consumercredit.com
